An Illinois-based real estate trust has acquired the 21-story Loews New Orleans Hotel for $74.5 million from the original developers who converted the Poydras Street office tower into a hotel a decade ago.

New owner Inland American Lodging Group Inc., a subsidiary of Inland American Real Estate Trust based in Oak Brook, Ill., said this week that Loews Hotels & Resorts will continue to manage the 285-room property at 300 Poydras St.

"We are very pleased to be adding this luxury hotel to our portfolio," Marcel Verbaas, president and CEO of Inland American Lodging Advisor Inc., in a news release. "With its premier location near all of New Orleans' demand drivers, coupled with its superior amenities, the Loews New Orleans is well-positioned to continue its excellent performance in the market. We look forward to working with Loews to further enhance the asset and its competitive position and profitability."

The company said the purchase price represents $261,000 for each room.

The building, once an office tower home to Lykes Brothers Steamship Co and known as the Lykes Center, was purchased by WNO Ownership LLC in 2002 for $6.6 million, according to court records.

WNO Ownership is a group of developers led by Darryl Berger of The Berger Co. and Roger Ogden.

The Loews New Orleans Hotel opened in 2004 after an extensive renovation. As part of the construction, the developers committed $1 million to restoring the nearby Piazza d'Italia, a landmark that had fallen into disrepair.

Brandon Berger of The Berger Co. said he couldn't discuss the specifics of the business decision behind selling the hotel. But he said the developers continue to be bullish in the New Orleans market.

"The time was right," Berger said. "There's a lot of interest in New Orleans right now. There's a lot of interest in New Orleans hospitality right now. We still maintain our position in the other assets in our holdings, but every deal is different and the time was right for this particular transaction."

The Berger Co.'s holdings include the Shops at Canal Place and partnership interests in Omni Royal Orleans, the Wyndham Riverfront Hotel and the Windsor Court Hotel.

The Loews New Orleans Hotel has 17,000 square feet of meeting space, 285 rooms including 12 luxury suites, and houses the Swizzle Stick Bar and Cafe Adelaide on the first floor.

"New Orleans has been able to regain its position as one of the top lodging markets in the country over the past few years and as such has been a market we had identified as an acquisition target for some time," said Philip A. Wade, senior vice president of investments for the buyer. "We are thrilled that we have been able to acquire one of the premier hotels in the market."